ECB, China's central bank renew cooperation agreement
FRANKFURT, June 11 (Reuters) - The European Central Bank said on Wednesday it signed a memorandum of understanding with the People's Bank of China to update their existing cooperation in central banking.
The update of a 2008 agreement between the two central banks includes a framework for the regular exchange of information, dialogue and technical cooperation, the ECB said in a statement.
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Sky News
28 minutes ago
- Sky News
China strikes cautious tone after Trump claims trade deal is 'done'
China will "always honour its commitments" when it comes to negotiating trade disagreements with the US, according to a spokesperson for the Chinese government. But when pushed by Sky News, he refrained from confirming what those commitments are. The reluctance is at odds with President Trump, who declared on his Truth Social account that "our deal with China is done", while also claiming that China has agreed to supply rare earth metals to the US"upfront", and to a 55% tariff rate on its goods. The comments follow high-stakes talks between delegations from the two countries in London aimed at stabilising the relationship amid an escalating trade and supply chain war. China's refusal to confirm these details has raised speculation that, contrary to what the US side is claiming, there may still be significant disagreements and some details yet to be worked out. The continued silence comes after two days of negotiations between delegations from the US and China in the UK. While both sides confirmed that they had agreed a "framework" to implement the "consensus" reached at previous talks in Geneva last month, as well as during a phone call between President Xi and President Trump on 5 June, the delegations were supposed to be taking the agreement to their respective leaders for sign-off. When asked by Sky News if any of the details in Trump's Truth Social post reflected what China understood to be in the deal, Lin Jian, China's foreign ministry spokesperson said "the two sides achieved new progress in addressing the concerns on economic and trade issues". "We always honour our commitments. Since we've reached common understandings, the two sides need to follow them." 👉 Follow Trump100 on your podcast app 👈 When pushed by Sky News on whether China agrees with Trump's Truth Social assessment that the US-China relationship is "excellent", Lin declined to agree, saying simply: "Our position on relations with the United States has been consistent and clear". Such lukewarm language is not uncommon in China but there will likely be significant displeasure at the way Trump is unilaterally publishing details that may not yet have been officially signed off. It is in stark contrast to China's communication landscape which is highly scripted and controlled, and if it was designed to force China into an agreement it could well backfire. Indeed, if everything in Trump's Truth Social post is true it would represent quite a coup for the US, and that feels a little unlikely given the valuable bargaining chips China has, particularly over rare earth metals. 0:54 This will likely have been a crunch point in negotiations. China has the vast majority of the world's rare earth metals which are vital in the production of everything from cars to weaponry, and recent export controls imposed in response to Trump's tariffs have brought some production lines to the brink of standstill. In response, the Trump administration imposed extra export controls on high-tech chips, chip development technology and parts needed to make jet engines, as well as moving to revoke student visas for Chinese nationals. President Trump indicated in his Truth Social post that the measures to revoke visas will be rowed back. When pushed by Sky News, Lin refrained from commenting on whether Trump's communications on this matter have undermined the relationship more broadly, but the stakes remain enormously high, with the unfolding supply chain war set to do significant damage to the economies of both nations.
Reuters
34 minutes ago
- Reuters
Lead EU lawmaker on sustainability laws proposes more cuts
BRUSSELS, June 12 (Reuters) - The European Union should further slash the number of companies subject to its environmental and corporate sustainability rules, the European Parliament member leading negotiations on the policies said on Thursday. The European Commission proposed a "simplification omnibus" in February that it said would help European firms compete with foreign rivals by cutting back on sustainability reporting rules and obligations intended to root out abuses in their supply chains. Those proposals did not go far enough, according to Swedish centre-right lawmaker Jörgen Warborn, who has drafted amendments to scale back the laws further to only cover companies with 3,000 employees or more and over 450 million euros ($521 million) in turnover. The Commission proposal would exempt companies with fewer than 1,000 employees - already, cutting out more than 80% of the roughly 50,000 companies currently covered by the green reporting rules. The EU counts around 6,000 companies with more than 1,000 employees. "Europe is falling behind the U.S. and China in the global race for competitiveness. I'm entering this process with a clear ambition: to cut costs for businesses and go further than the Commission on simplification," Warborn said in a statement on Thursday. His draft proposal must be negotiated in the European Parliament where other lawmakers can propose their own amendments. The Parliament will agree the final changes with EU member countries in the coming months. Warborn, a member of the centre-right European People's Party lawmaker group, is facing competing calls from some right-wing lawmakers to scrap the policies entirely, and Socialist and Green lawmakers vowing to preserve them. French President Emmanuel Macron and German Chancellor Friedrich Merz have both demanded the EU scrap the supply chain law. But the walk-back on ESG rules has met resistance from some investors and campaigners, who have warned it weakens corporate accountability and hurts the bloc's ability to attract more investments towards meeting climate goals. Warborn said his proposed changes will not weaken Europe's sustainability standards, but rather free up resources that companies can instead invest in innovation. ($1 = 0.8633 euros)
Telegraph
40 minutes ago
- Telegraph
Overpaid council tax: How to claim a refund
The average council tax bill for a band D house in England is now £2,280 a year according to government figures – an increase of £109 on last year, with most councils implementing the maximum increase they were permitted (4.99pc). However, it's not hard to end up paying more council tax than you need, particularly when you move house. Here Telegraph Money explains what you need to know to find out if you have paid too much council tax and what you can do to get your money back. Why could you have overpaid council tax? How to claim a council tax refund Can I claim a refund for someone who has died? How long does the refund process take? Beware of scams Why could you have overpaid council tax? The two main reasons why people end up overpaying council tax are if they have moved house or their property has been re-banded. These scenarios can lead you to overpaying: You close an account that's in credit: Council tax is paid in advance, over 10 monthly instalments. That means, if you move out before your account credit has been used, you will have overpaid. Ideally you should get the money paid back when you close your account, but not all councils will do it automatically, so you may need to claim it back yourself. You don't cancel your payments: If, in the chaos of moving, you forget to cancel your council tax payments, you could end up overpaying. Your property has changed bands: Let's say you move out and your new buyer checks their council tax band and is switched into a lower band. That would mean you could be entitled to a retrospective discount. Sarah Coles, head of personal finance at Hargreaves Lansdown, said: 'These were set at a specific moment in time, and because so many properties were valued simultaneously, corners were cut. If the valuer made assumptions about your property that aren't true, they may have over-valued it.' Hundreds of thousands of households are thought to be in the wrong council tax band. Find out if your home could be one of them. According to a Freedom of Information request from Money Saving Expert, local councils are sitting on more than £140m in overpaid council tax, and over 800,000 households across England, Scotland and Wales could be entitled to a council tax refund. The website's analysis has found that the people who are most likely to have overpaid are those who have moved home and switched councils since 1993, and did not pay for their council tax with a direct debit. If you didn't move outside your local area and paid by direct debit, it would have been easier for the council to spot the credit in your account and pay it back to you automatically. However, that's not to say you haven't overpaid if you don't meet this criteria, so if you aren't sure it's still worth a check. Even if you haven't moved home, there is a chance you are overpaying because you are eligible for council tax discount. A surprisingly wide range of discounts are available to many individuals – including students, people with disabilities and those with an annex – which could shave hundreds of pounds off your annual bill. You can check how much you're paying with our council tax calculator. How to claim a council tax refund Visit your former council's website: Most will have a straightforward claim form that you can complete online and which will let you know if you have overpaid. You'll usually need to supply your old reference number, so it's a good idea to dig out an old bill first and have it to hand. Phone your council: If you are struggling with a form, you can always phone or email your old council. Just be aware that if they tell you that you have overpaid your council tax, you may still need to complete a form to claim. A spokesman for the Local Government Association, which represents councils, said: 'Councils always try to ensure that council taxpayers are charged the right amount. If people think they are due a refund, for example if they paid the whole amount due at the start of the year and then moved during the year, they should contact the relevant council.' Can I claim a refund for someone who has died? If you're managing the estate of somebody who has recently died, you should also be able to check if they have overpaid or if their account is in credit. You'll need to follow the steps above – in some cases local councils will have a special form that allows you to claim on behalf of the deceased. How long does the refund process take? Just how long it takes for you to get your money back depends on your local authority. Most give anticipated wait times on their websites – normally this is between five and 10 days, but it could be as long as 21-28 days in some circumstances. Have you been offered a council tax rebate? Beware of scams Be very wary if you receive a cold call, email or text message telling you that you are owed a council tax refund. Scammers might ask you for your bank or credit card details to pay a refund for you, or attempt to charge you a 'processing fee' to get your money back. Other scammers will tell you that you are in the wrong council tax bracket and will attempt to charge you a fee to get your home rebanded. However, you do not need to pay to check your council tax band, nor will your local council contact you in this way about council tax refunds, or request payment. If you receive a phone call about a council tax refund, you can check whether the call is from your council by asking them for your council tax account number. Or you can call the council back on the number detailed on your council tax bill. You can also phone your council to check whether any text or email messages are genuine. Coles added: 'Beware of any contact out of the blue. If you want to check you are in the right council tax band, you don't need to hand over any details to a third party to do so.'
